Recent oil shale hearings by the U.S. Senate disclosed the proposed leasing rules for federal oil-shale lands. In addition, Oil Shale Corp. announced that the first commercial shale-oil processing plant would be on stream in 1970. Both these announcements are expected to create a stronger interest in what is possibly the greatest untapped natural wealth in the U.S. According to the leasing rules, development leases would involve the following phases: (1) the contractor would have a 10-yr limit to conduct a research and development program on the leased territory; and (2) upon completion of a successful research program, the Interior Department will make available to lease at least enough land to sustain commercial operation. The terms that applicants will have to meet are included in this report. At the Senate hearing, discussions ranged from opinions indicating that development of oil shale recovery was not immediately necessary to opinions urging rapid development. This report is concluded with a state-of-the-art review of some of the oil shale recovery processes.